Second letter to Mr. Longo, Chair of ASIC, page-145

@naomhan,

In an article on 30 April, 2021, Josh Frydenberg said that Treasury would be outlining a new statement of expectations for the regulator once Longo commenced his role. He said, and I quote:

"The statement will make clear that the Government expects the Commission, as a whole, to operate as a strategic board and that all operational matters are the responsibility of the chair, who is the accountable authority. "

What better person than the "accountable authority" to whom to address facts and shareholder questions? Of course, I expected him to pass the issue down to some "worker bee", but because he said he had "begun engaging widely with ASIC staff and stakeholders to further understand ASIC’s current strategy and approach to regulation and enforcement,”, I did expect he would set the framework around the work that someone else did and would have the results fed back to him. Clearly, he did not. See https://www.copyright link/companies/financial-services/asic-to-pick-its-court-battles-from-now-on-20210618-p5829x.

My disappointment in Longo goes further than just the fact that not one of my questions posed was answered and the fact that his subordinate justified the ownership matters report based on OM disclaimer (HA!), it is based on a fact that came out on 16-Sept, long after I wrote my letter, that has solidified my disappointment in Longo. The link you could not find on Longo stating he didn't need to read the unredacted report is here: https://www.copyright link/rear-window/longo-incurious-about-shipton-report-20210916-p58sdo

The article starts out "If crossing a minefield is unavoidable, perhaps ignorance is bliss."